7Members’ Deficit

On May 1, 2020, the Company adopted its Second Amended and Restated Operating Agreement (the “Amended Operating Agreement”). The Amended Operating Agreement changed the Company’s classes of membership from two classes (voting and non-voting) to one class of membership and gave the Board the rights to make all decisions concerning the business, affairs and properties of the Company. Under the Amended Operating Agreement, the members had the right to vote on the dissolution and termination of the Company, the removal of existing directors, the appointment of new directors and any plan of conversion or merger. As such, at June 30, 2020, all members had the same rights, privileges and powers and were considered as voting members’ interests.

In conjunction with the Corporate Conversion, all of the Company’s outstanding membership interests converted into shares of common stock.